CLNE - Why Clean Energy Fuels Shares Plunged 17% on Wednesday
Shares of Clean Energy Fuels (NASDAQ: CLNE) fell as much as 17% in trading on Wednesday after the company reported fourth-quarter 2022 financial results. Shares are down 12.8% at 2:45 p.m. ET.
Management said 54.4 million gallons of renewable natural gas were delivered in the quarter, up 21.2% from a year ago. And revenue increased from $91.9 million to $113.8 million. But the company's non-GAAP (adjusted) net income dropped from $6.4 million to $2 million, or a $0.06-per-share loss.
Analysts were expecting a $0.01-per-share profit from Clean Energy Fuels so results were well short of that. After years of waiting for operating leverage to show up in the business, it's not clear when Clean Energy Fuels will ever generate a consistent profit and in 2023 management expects a loss of $105 million to $115 million.
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Why Clean Energy Fuels Shares Plunged 17% on Wednesday